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China Backpedals on Push to Revive Street-Selling Economy
Bloomberg News
June 8, 2020, 1:18 AM EDT
U turn from Beijing
China appears to be backtracking on its recent efforts to promote street vending as a way to reboot the coronavirus-stricken economy, less than two weeks after Premier Li Keqiang made a high-profile pitch to get people back into the traditional form of commerce.
Following a surge of interest in the topic on social media and sharp gains for local stocks associated with equipment needed to sell food on the street, local governments and state media over the weekend damped expectations that the kind of informal street selling once ubiquitous in China would be welcomed back wholesale.
Bloomberg News
June 8, 2020, 1:18 AM EDT
- Premier Li had suggested newly jobless could become vendors
- Beijing authorities say street economy ‘not suitable’
U turn from Beijing
China appears to be backtracking on its recent efforts to promote street vending as a way to reboot the coronavirus-stricken economy, less than two weeks after Premier Li Keqiang made a high-profile pitch to get people back into the traditional form of commerce.
Following a surge of interest in the topic on social media and sharp gains for local stocks associated with equipment needed to sell food on the street, local governments and state media over the weekend damped expectations that the kind of informal street selling once ubiquitous in China would be welcomed back wholesale.